highest and best use of land
The reasonable probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility physical possibility financial feasibility and maximum productivity.
Promoting Public Trust Part 3 Highest And Best Use Riverfront Appraisals One Level Homes Riverfront One Story Homes
Highest and Best Use is the likely use selected from a number of available choices to which an area of land or a building may be put based on what is physically possible and in compliance with zoning and building regulations and which at the time of an appraisal produces the most profitable present value of the land.
. Two functions are served when an appraiser analyzes a sites highest and best use as though vacant. This definition applies specifically to the highest and best use of land. The zoning requirements as well as the expectations of.
The existing use will continue however unless and until land value in its highest and best use exceeds the total value of the property in its existing use In my opinion the highest and best use of the subject land assuming it is unimproved is as a single family site with the. It is to be recognized that in cases where a site has existing improvements on it the highest and best use may very well e b determined to be different from the existing use. According to The Appraisal Institute The Appraisal of Real Estate 13th Edition link the highest and best use of a property is defined as.
The definition of highest and best use is as follows. Alternatively the probable use of land or improved property specific with respect to the user and timing of the use that is adequately supported and results in the highest present value. A property must be appraised in terms of its highest and best use.
The broad principles used in the identification and valuation of excess land are similar for either residential or commercial properties. The four criteria the highest and best use must meet are. Highest and best use analysis and land value optimiation studies delta associates p.
The reasonable probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that results in the highest value. Highest and best use of a property is an economic concept that measures the interaction of four criteria. Land value is a component of the highest and best use of a property.
If potential uses for the intended property satisfy the first two tests the land is subjected to a financial feasibility test. According to The Uniform Standards of Professional Appraisal Practice 2002 highest and best use is defined as The reasonably probable and legal use of property that is physically possible appropriately supported and financially feasible and that results in the highest value. The Appraisal Institute has.
The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported financially feasible and that results in the highest value. Essentially the concept of highest and best use entails selecting a use for the property that meets certain basic criteria and results in the highest value being developed. The Fifth Edition of The Dictionary of Real Estate Appraisal by the Appraisal Institute defines highest and best use as.
In some situations its easy for a. Highest and Best Use Example. Although improved property is generally more valuable than vacant land the assumed highest and best use of the land may mean clearing away existing structures.
The legal use of land or improved property which at any. 2027783101 1717 k street nw ste. Highest and best use requires that the appraisal considers not just the current use of the property but also the potential value associated with alternative uses.
The concept of highest and best use applies to vacant land only improved property only both vacant land and improved property neither vacant land nor improved property. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. The cost of demolition may not be recovered in the value of the future vacant land.
The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported financially feasible and that results in the highest value. The reasonably probable and legal use of vacant land or an improved property that is physically possible appropriately supported and financially feasible and that results in the highest value. The highest and best use may very well be determined to be different from the existing use.
The reasonable probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that results in the highest value. Highest and best use is a fundamental consideration in estimating land value. Excess land has the potential to be sold separately.
The definition of highest and best use is as follows. How is highest and best use determined. When a site contains improvements the highest and best use may be determined to be different from the existing use.
That reasonably probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that results in the highest value 12342. The Appraisal Institute defines highest and best use as follows. Legal permissibility physical possibility financial feasibility and.
The concept of highest and best use is one of the fundamental principles that underlie real estate appraisal.
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